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Sanofi India Ltd(Industry :   Pharmaceuticals - Multinational)
 
BSE Code:500674NSE Symbol: SANOFIP/E  (TTM): 36.01
ISIN Demat:INE058A01010Div Yield %:1.44EPS   (TTM) :124.94
Book Value (Rs):706.4264003Market Cap (RsCr):10362.69Face Value (Rs) :10
  Change Company 






Notes forming part of the Financial Statements









for the year ended December 31, 2014

The financial statements have been prepared to comply in all material respects with the Accounting Standards notified and the relevant provisions of the Companies Act, 1956, read with General Circular 8/2014 dated 8 April 2014, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which revaluation was carried out.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

1. Significant accounting policies:

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in India requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from the estimates and the difference is recognized in the statement of profit and loss of the relevant period.

Tangible and intangible fixed assets

Fixed assets are stated at cost (or revalued amounts, as the case may be) less accumulated depreciation/amortization and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

Depreciation/amortisation

Depreciation is provided on all fixed assets, considering the useful life estimated by the management at rates not lower than those prescribed in Schedule XIV of the Companies Act 1956, on straight line method (SLM) at the following rates per annum on the cost / enhanced cost.

Description of Assets Rate (SLM)
Intangible Assets Amortised over:
Brand 10 years
Software 3 years
Marketing and technical rights for formulations 10 years
Technical know how 5 years
Goodwill 10 years
Tangible Assets
Leasehold land Amortised over lease period
Buildings 3.34 %
Leasehold Improvements Amortised over lease period
Plant and Machinery 10.34 % / 9.5%
Furniture and Fixtures 10.34 %
Office equipments 9.50 %
Computer 25.00 %
Motor vehicles 16.21 %
Laptops and mobile phones 33.33%

The incremental depreciation on revalued amount is transferred to statement of profit and loss from revaluation reserve. Fixed assets costing Rs. 5,000 or less are fully depreciated in a year from acquisition.

Research and development cost

Research costs are expensed as incurred. Development expenditure incurred on an individual project is recognized as an intangible asset when the company can demonstrate all the following:

• The technical feasibility of completing the intangible asset so that it will be available for use or sale

• Its intention to complete the asset

• Its ability to use or sell the asset

• How the asset will generate future economic benefits

• The availability of adequate resources to complete the development and to use or sell the asset

• The ability to measure reliably the expenditure attributable to the intangible asset during development.

Following the initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized on a straight line basis over the period of expected future benefit from the related project, i.e., the estimated useful life of five years. Amortization is recognized in the statement of profit and loss. During the period of development, the asset is tested for impairment annually.

Impairment

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset.

Leases

Company is the Lessee

Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straight-line basis over the lease term.

Company is the Lessor

Leases in which the company does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Assets subject to operating leases are included in fixed assets. Lease income on an operating lease is recognized in the statement of profit and loss on a straight-line basis over the lease term. Costs, including depreciation, are recognized as an expense in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognized immediately in the statement of profit and loss.

Investments

Investments that are readily realisable and intended to be held for not more than a year from the date on which such investments are made are classified as current investments. These are valued at lower of cost or fair value (repurchase price or market value) on an individual item basis.

Investments other than current are classified as Non-Current Investments which are valued at cost less provision for diminution in value, other than temporary, if any.

Inventories

Inventories are valued as follows:

Raw Material and Packing Material

Lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined using standard cost method adjusted for variances, which approximates actual cost based on weighted cost formula.

Work-in-progress and finished goods

Lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined using standard cost method adjusted for variances, which approximates actual cost based on weighted cost formula.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

Cash and Cash equivalents

Cash and cash equivalents for the purpose of Cash flow statement comprise of cash at bank and in hand and short term investments with an original maturity of three months or less.

Foreign currency transactions

Foreign currency transactions during the year are recorded at rates of exchange prevailing on the date of transactions. Foreign currency monetary items are translated into rupees at the rate of exchange prevailing on the date of the balance sheet. Exchange differences arising on the settlement of monetary items or on reporting monetary items of Company at rates different from those at which they were initially recorded during the year or reported in the previous financial statements, are recognised as income or as expenses in the year in which they arise.

Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined.

Forward exchange contracts not intended for trading or speculation purposes

The premium or discounts arising at the inception of forward exchange contract is amortised as expense or income over the life of the contract. Exchange differences on such contracts are recognised in the statement of profit and loss in the year in which the exchange rate changes. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognised as income or expense for the year.

Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

Sale of Goods

Revenue from sale of goods is recognised when significant risk and rewards of ownership are transferred to customers, which is generally on dispatch of goods. Net sales are stated exclusive of excise duty, sales tax, VAT, Trade discount and are net of sales return. Excise duty deducted from revenue (Gross) is the amount that is included in the revenue (gross) and not the entire amount of liability arising during the year.

Service Income

Income from service rendered is recognised based on the terms of the agreements and when services are rendered. Service income is net of service tax.

Interest

Interest Income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Dividend

Dividend Income is recognised when the companys right to receive dividend is established by the reporting date.

Others

Other income is accounted for on accrual basis except where the receipt of income is uncertain.

Retirement & Other employee benefits

(i) Long-term Employee Benefits

(a) Defined Contribution Plans

The Company has defined contribution plans for post employment benefits in the form of Superannuation Fund which is recognised by the Income-tax authorities and administered through trustees and/or Life Insurance Corporation of India (LIC). Further the Company also has a defined contribution plan in the form of a provident fund scheme for its staff and workmen at the Ankleshwar unit & Nepal and pension scheme under the Employee's Pension Scheme 1995 for its all employees, which are administered by the Provident Fund Commissioner.

All the above mentioned schemes are classified as defined contribution plans as the Company has no further obligation beyond making the contributions. The Company's contributions to Defined Contribution Plans are charged to the statement of profit and loss , when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in future payment or a cash refund.

(b) Defined Benefit Plans

The Company has for all employees other than Ankleshwar and Nepal Staff & Workmen, defined benefit plans for post employment benefits in the form of Provident Fund which is administered through trustees (treated as a defined benefit plan on account of guaranteed interest benefit). Further Company has defined benefit plan for post retirement benefit in the form of Gratuity which is administered through trustees and LIC for all its employees and pension for certain employees. Schemes of Provident Fund and Gratuity are recognised by the Income-tax authorities. Liability for Defined Benefit Plans is provided on the basis of valuation, as at the balance sheet date, carried out by an independent actuary. The actuarial valuation method used by independent actuary for measuring the liability is the Projected Unit Credit method.

(c) Other Long-term Employee Benefit

The Company has for all employees other long-term benefits in the form of Long Service Award and Leave Encashment as per the policy of the Company. Liabilities for such benefits are provided on the basis of valuation, as at the balance sheet date, carried out by an independent actuary. The actuarial valuation method used by an independent actuary for measuring the liability is the Projected Unit Credit method.

(ii) Actuarial gains and losses (for defined benefit and other long term benefit) comprise experience adjustments and the effects of changes in actuarial assumptions and are recognised immediately in the statement of profit and loss as income or expense.

(iii) Termination benefits are recognised as an expense as and when incurred.

Taxation

Tax expense comprises current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by the same governing taxation laws. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. The carrying amount of deferred tax assets are reviewed at each balance sheet date.

Segment Reporting

Identification of segments

The operations of the Company represent a single primary business segment relating to pharmaceuticals. Secondary segment reporting is performed on the basis of location of the customers.

Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

Segment accounting policies

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.

Earnings per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Provisions and Contingencies

The Company creates a provision when there exist a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
2. SHARE CAPITAL
Authorised
23,500,000 (2013 : 23,500,000) Equity Shares of Rs. 10 each 2,350 2,350
2,350 2,350
Issued, Subscribed and Paid-up
23,030,622 (2013 : 23,030,622) Equity Shares of Rs. 10 each fully Paid-up 2,303 2,303
2,303 2,303

a) Shares held by holding and ultimate holding company

13,904,722 (2013 : 13,904,722) equity shares are held by Hoechst GmbH, Germany, holding company and 4,865 (2013 : 4,865) Equity shares are held by Sanofi S.A., France ultimate holding company

b) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

December 31, 2014 December 31, 2013
Numbers Amount Numbers Amount
in Lacs in Lacs
At the beginning of the year and outstanding at the end of the year 23,030,622 2,303 23,030,622 2,303

c) Terms/rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 December 2014, the amount of per share dividend (including interim dividend of Rs. 10 (December 2013 : Rs. 10)) recognized as distributions to equity shareholders was Rs. 45 (December 2013 : Rs. 45).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholder.

d) Details of Shareholders holding more than 5% shares in the company

December 31, 2014 December 31, 2013
No of Shares % of Holding No of Shares % of Holding
Hoechst GmbH, Germany 13,904,722 60.37 13,904,722 60.37
Reliance Capital Trustee Company Limited 1,287,005 5.59 1,522,482 6.61
Aberdeen Global Indian Equity Fund (Mauritius) Ltd 1,238,883 5.38 1,338,883 5.81

As per the records of the company, including its register of shareholder/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
3. RESERVES AND SURPLUS
Capital Reserve 349 349
Securities premium account 204 204
Revaluation Reserves
Balance as per last balance sheet 1,027 1,111
Less: Transferred to statement of profit and loss as reduction from depreciation 80 84
Less: Transferred to General Reserve (Ref note 43) 601
Closing Balance 346 1,027
General reserve
Balance as per last balance sheet 27,765 25,113
Add: Transferred from surplus balance in the statement of profit and loss 2,636 2,652
Add: Transferred from Revaluation Reserve 601
Closing Balance 31,002 27,765
Surplus in the statement of profit and loss
Opening balance 103,022 91,332
Profit for the year 26,361 26,518
Less: Appropriations
Interim dividend on equity shares 2,303 2,303
Proposed final dividend on equity shares 8,061 8,061
Tax on dividend 2,003 1,812
Transferred to general reserves 2,636 2,652
Net surplus in the statement of profit and loss 114,380 103,022
146,281 132,367
4. OTHER LONG TERM LIABILITIES
Security Deposit 74
74
5. LONG TERM PROVISIONS
Provision for Employee Benefits (ref note No. 31)
Employees' retirement and other long term benefits 182 154
Employees' retirement benefits - Pension 41 74
Other Provision
Provision for Sales Returns (ref note No 34) 2,984 2,300
3,207 2,528

 

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
6. DEFERRED TAX LIABILITIES
Difference in depreciation and other differences in block of fixed assets as per tax books and financial books 8,649 6,516
Gross deferred tax liabilities 8,649 6,516
Employee retirement and other long term benefits 977 625
Effect of expenditure debited to statement of Profit & Loss in
current year but allowed for tax purposes in following years 2,210 2,110
Provision for doubtful debts and advances 74 112
Gross deferred tax assets 3,261 2,847
Net Deferred Tax Liability 5,388 3,669
7. TRADE PAYABLES AND OTHER CURRENT LIABILITIES
Trade Payables (Ref note 36) 32,686 18,710
Other current liabilities
Liability for capital goods 750 1,369
Employee related and other current liabilities 7,448 5,688
Advance towards sale of Fixed Assets (Ref note 43) 600
Statutory and other liabilities 1,913 1,348
Security Deposits 1 201
Advances from customers and others 186 258
Unclaimed Dividend (ref note (a) below) 106 129
11,004 8,993
43,690 27,703
(a) There are no amounts due and outstanding to be credited to Investor Education and Protection Fund
8. SHORT TERM PROVISIONS
Provision for Employee Benefits (ref note No. 31)
Employees' retirement and other long term benefits 2,739 1,636
Employees' retirement benefits - Pension 20 16
Other Provisions
Provision for Income Tax (Net of Advance Tax) 4,161 3,355
Proposed dividend 8,061 8,061
Tax on proposed dividend 1,612 1,370
Provision for sales returns (ref note No. 34) 2,387 1,840
Other Provisions (ref note No. 34) 2,912 2,912
21,892 19,190

9. FIXED ASSETS

(Rupees in Lacs)

GROSS BLOCKS AS AT DEPRECIATION/ AMORTISATION NET BLOCK AS AT
As at 01.01.2014 Additions Deductions As at 31.12.2014 As at 01.01.2014 For the Deductions As at 31.12.2014 31.12.2014 31.12.2013
Intangible Assets
Goodwill (1) 12,529 12,529 2,716 1,254 3,970 8,559 9,813
Brand (1) 40,711 40,711 8,820 4,070 12,890 27,821 31,891
Software (2) 734 141 875 731 40 771 104 3
Marketing and technical rights for formulations 2,004 2,004 2,004 2,004
Technical know-how (3) 5,381 5,381 2,633 1,017 3,650 1,731 2,748
Sub Total (A) 61,359 141 61,500 16,904 6,381 23,285 38,215 44,455
Previous Year 61,061 302 4 61,359 10,550 6,358 4 16,904 44,455 50,511
Tangible Assets
Freehold Land 348 348 348 348
Leasehold Land 628 34 662 92 8 100 562 536
Buildings & Waterworks (4) 13,980 239 1,963 12,256 5,536 561 1,205 4,892 7,364 8,444
Leasehold Improvement 400 13 413 267 67 334 79 133
Plant & Machinery 28,791 4,531 149 33,173 14,391 2,232 120 16,503 16,670 14,400
Furniture & Fixtures 1,291 44 12 1,323 727 89 8 808 515 564
Office Equipment 675 6 30 651 448 21 26 443 208 227
Computers 2,664 518 379 2,803 1,942 373 373 1,942 861 722
Motor Vehicles 82 82 56 12 68 14 26
Sub Total (B) 48,859 5,385 2,533 51,711 23,459 3,363 1,732 25,090 26,621 25,400
Previous Year 40,377 8,976 494 48,859 20,952 2,952 445 23,459 25,400 19,425
Total (A+B) 110,218 5,526 2,533 113,211 40,363 9,744 1,732 48,375 64,836 69,855
Previous Year Total 101,438 9,278 498 110,218 31,502 9,310 449 40,363 69,855

Notes:

1) Remaining amortisation period upto 80 months.

2) Remaining amortisation period upto 28 months.

3) Remaining amortisation period from 2 to 43 months.

4) Buildings include investments representing ownership of Office premises and Residential flats in co-operative societies.

5) Buildings include buildings given on operating lease (refer note 33).

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
10. NON CURRENT INVESTMENTS
UNQUOTED EQUITY INSTRUMENTS
Trade Investments (at cost)
(i) Bharuch Enviro Infrastructure Limited 2,188 (2013 : 2,188) Equity shares of Rs.10 /- each fully paid up. * *
(ii) Bharuch Eco-Acqua Infrastructure Limited 236,000 (2013 : 236,000) Equity shares of Rs.10/- each fully paid up. 24 24
24 24
* denotes figure less than a lac
11. LONG TERM LOANS AND ADVANCES
Unsecured, considered good unless stated otherwise
Employee loans and advances 585 588
Loans and advances to related parties (Ref Note 30)
Inter Corporate Loan [Unsecured, given against Corporate guarantee by Sanofi S.A. (ultimate holding Company)] 2,300 2,300
Tender Security Deposits
Unsecured, considered good 112 112
Unsecured, considered doubtful 126 116
238 228
Less : Provision for Doubtful security deposits (126) (116)
112 112
Advance tax (Net of Provision) 5,679 5,197
Capital Advances 573 262
Deposits Others 1,232 1,055
10,481 9,514
December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
12. OTHER NON CURRENT ASSETS
Margin Money Deposits (Ref Note 15) 150 107
150 107
13. INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)
Raw Materials and packing materials (Including in transit Rs. 4,267 Lacs; 2013: Rs. 4,038 Lacs) 15,495 16,786
Work-in-progress 3,898 3,268
Finished goods / Traded goods (Including in transit Rs. 11,415 Lacs; 2013: Rs. 856 Lacs) 28,416 13,946
47,809 34,000
Details of Work-in-progress
Formulations 3,898 3,268
Details of Finished goods/Traded goods (Refer note 22)
Formulations 28,416 13,946
14. TRADE RECEIVABLES
Unsecured, considered good unless stated otherwise
Outstanding over six months
Considered - good 275 508
- doubtful 71 195
346 703
Others
Considered - good 11,247 11,323
- doubtful
11,247 11,323
11,593 12,026
Less : Provision for doubtful debts 71 195
11,522 11,831
December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
15. CASH AND BANK BALANCES
Cash on hand 1 2
With scheduled banks in
Current accounts 759 2,829
Bank Deposit with original maturity of less than three months 45,700 23,150
Unpaid dividend accounts 106 129
46,566 26,110
Other Bank Balances
Margin money deposits 468 437
Less : Amount disclosed under non current assets (Ref note 12) (150) (107)
318 330
46,884 26,440
Margin money deposit given as security
Margin money deposit with carrying amount of Rs. 468 lacs (2013 : Rs. 437 lacs) are subject to first charge to secure bank guarantees issued by bank on our behalf.
16. SHORT TERM LOANS AND ADVANCES
(Unsecured, considered good unless stated otherwise)
Advances recoverable in cash or in kind or for value to be received 288 218
Loans and advances to related parties (Ref note 30)
Advances recoverable in cash or in kind or for value to be received 320 215
Inter Corporate Loan [Unsecured, given against Corporate guarantee by Sanofi S.A (ultimate holding Company)] 16,500 19,500
Other Loans and Advances
Employee loans and advances
Unsecured, considered good 291 304
Unsecured, considered doubtful 19 19
310 323
Less: Provision for doubtful advances (19) (19)
291 304
Prepaid Expenses 544 488
Balances with Statutory Authorities 416 552
VAT/Service credit (input) receivable 432 150
Interest Accrued on Fixed Deposits 92 18
Advance payment to Suppliers 731 467
19,614 21,912

Loans and Advances in nature of loan given to Shantha Biotechnics Limited, a company in which directors are interested;

Inter Corporate loan balance as at December 31, 2014 - Rs. 16,500 Lacs (2013 - Rs. 19,500) Maximum balance outstanding during the year - Rs. 26,500 Lacs (2013 - Rs. 20,500 Lacs) The same is payable within 12 months.

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
17. OTHER CURRENT ASSETS
Finished goods - Sample Inventory 311 459
Tangible asset held for Sale (Ref note 43)* 142
Rent Receivable 72
453 531

* [Gross Value Rs. 393 Lacs (2013 : Rs. 393 Lacs) accumulated depreciation Rs. 251 Lacs (2013 : Rs. 230 Lacs)]

18. REVENUE FROM OPERATIONS (NET)

Sale of Products (gross) 192,304 175,245
Less: Excise Duty (Refer Note (a) below) 4,804 4,599
Sale of Products (net) 18(a) 187,500 170,646
Sale of Services 18(b) 8,543 9,071
Other operating income 18(c) 1,705 1,169
Revenue from operations 197,748 180,886

(a) Excise duty on sales amounting to Rs. 4,804 Lacs (2013 : Rs. 4,599 Lacs) has been reduced from sales in statement of profit & loss and increase of excise duty on inventory, sample etc. amounting to Rs. 213 Lacs (2013 : Rs. 160 Lacs) has been considered as expense in Note 24 of financial statements.

18(a) Details of Products sold

Formulations 187,345 170,437
Bulk Drugs 155 209
187,500 170,646
18(b)Details of Services rendered
Business Auxiliary Services 8,543 9,071
8,543 9,071
18(c) Other Operating Income
Sale of Scrap 102 87
Export Incentives 706 666
Indirect taxes set off/ refunds 403 386
Others 494 30
1,705 1,169

 

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
19. OTHER INCOME
Interest
Bank deposits 2,199 1,701
Inter corporate deposits 2,008 1,266
Others (Includes interest on income tax refunds, employee loans, etc) 852 322
Gain on disposal of fixed assets (net) 17
Rent 1,064 1,092
Exchange difference (net) 681
Provision no longer required written back (net) 103 627
Provision for doubtful debt written back (net) 114
Miscellaneous Income 73 95
Dividend income on investments 2
6,430 5,786
20. COST OF MATERIAL CONSUMED
Inventory at the beginning of the year 16,786 10,978
Add: Purchases 62,426 69,639
Less: Inventory at the end of the year 15,495 16,786
Cost of Material Consumed 63,717 63,831
Details of Material Consumed
Active Pharma Ingredients 53,094 55,198
Packing Materials 10,623 8,633
63,717 63,831
Details of Inventory at the end of the year
Active Pharma Ingredients 13,225 15,195
Packing Materials 2,270 1,591
15,495 16,786
December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
21. PURCHASE OF TRADED GOODS
Purchase of Traded Goods 48,787 19,059
48,787 19,059
Details of Purchase of Traded Goods
Formulations 48,787 19,059
48,787 19,059

22. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND TRADED GOODS

December 31, 2014 December 31, 2013 (Increase)/Decrease
Rupees in Lacs Rupees in Lacs Rupees in Lacs
Inventory at the end of the year December 2014
Traded Goods 23,624 8,688 (14,936)
Work-in-progress 3,898 3,268 (630)
Finished Goods 4,792 5,258 466
32,314 17,214 (15,100)
Inventory at the beginning of the year December 2013
Traded Goods 8,688 7,214 (1,474)
Work-in-progress 3,268 2,908 (360)
Finished Goods 5,258 6,145 887
17,214 16,267 (947)
(Increase) in Inventory (15,100) (947)

23. EMPLOYEE BENEFITS EXPENSES

December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
Salaries, wages and bonus 25,118 21,471
Contribution to provident fund / other funds (refer note 31) 2,119 1,292
Staff welfare expenses 1,587 1,450
28,824 24,213
December 31, 2014 December 31, 2013
Rupees in Lacs Rupees in Lacs
24. OTHER EXPENSES
Advertisement and sales promotion 4,945 5,725
Travelling and conveyance 7,599 6,789
Selling and distribution expenses 9,181 8,807
Power and fuel 3,985 4,183
Toll Manufacturing Charges 3,445 2,906
Decrease of excise duty on inventory 213 160
Legal and professional fees 4,197 3,724
Training & meetings 1,653 1,567
Repairs - building 282 73
- plant and machinery 897 669
- others 1,226 1,040
Insurance 652 575
Rent 1,770 1,709
Auxiliary and other materials 1,188 863
Rates and taxes 756 765
Stores and spares 456 278
Provision for doubtful debts and advance (net) 22
Exchange difference (net) 411
Loss on disposal of fixed assets (net) 24
Auditors remuneration (Including Service Tax)
Audit fees 62 55
Tax audit fees 4 4
Certifications 2 6
Out of pocket expenses 2 1
Donations (other than political parties) 38 47
Others 2,907 2,763
45,871 42,755
Less: Reimbursement of expenses* 8,239 7,815
37,632 34,940

* Reimbusement of expenses includes expenses recovered from common shared utilities and services from third parties. Further it also includes reimbursement of marketing support and clinical trial from fellow subsidiaries.

25. The tax year for the Company being the year ending March 31, the provision for taxation for the year is the aggregate of the provision made for the three months ended March 31, 2014 and the provision based on the profit for the remaining nine months up to December 31, 2014, the ultimate liability of which will be determined on the basis of the profit for the tax year April 1, 2014 to March 31, 2015.

26. Balance with customs and excise authorities includes excise and CENVAT deposit Rs. 525 Lacs (2013 : Rs. 293 Lacs) with toll manufacturers.

27. Other commitments:

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 13,142 Lacs (2013 : Rs. 14,844 Lacs).

28. Contingent Liabilities:

Particulars Dec 14 Dec 13
Rupees Lacs Rupees Lacs
Tax demands in respect of which*
a Tax authorities have appealed against Income tax orders which were ruled in favour of the Company 3,476 6,162
a Company's appeals are pending before appropriate authorities/ the Company is in process of filing an appeal with appropriate authorities 8,348 8,613

* Contingent liabilities in respect of pending tax assessments in relation to similar matters are not determinable and hence not disclosed.

29. The operations of the Company represent a single primary business segment relating to pharmaceuticals. Secondary segment reporting is performed on the basis of location of the customers.

(Rupees Lacs)
Particulars Dec 14 Dec 13
India Outside India Total India Outside India Total
Revenues (Net) 146,999 50,749 197,748 136,085 44,801 180,886
Carrying amount of segment assets* 143,199 8,692 151,891 129,131 7,876 137,007
Capital expenditure for the year 12,894 12,894 18,547 18,547
*Segment Assets includes the following (Rupees Lacs)
Particulars Dec 14 Dec 13
Fixed Assets
i) Tangible Assets 26,621 25,400
ii) Intangible Assets 38,215 44,455
iii)Capital work in progress
Tangible Assets 20,781 13,456
Intangible Assets 207 164
Long term loans and advances 2,502 2,017
Other non-current assets 150 107
88,476 85,599
Current Assets
Inventories 47,809 34,000
Trade receivables - Domestic 2,830 3,954
Trade receivables - Export 8,692 7,876
Cash & Bank Balances 610 2,724
Short term loans and advances 3,021 2,394
Other Current Assets 453 460
63,415 51,408
TOTAL 151,891 137,007

30. Related parties:

i. Parties where control exists: a) Hoechst GmbH, Germany, holding Company (holds 60.38% of the equity share capital as at December 31, 2014) b) Sanofi S.A., France, ultimate holding Company

ii. Other related parties with whom transactions have taken place during the year:-

a) Fellow subsidiaries

Sanofi-aventis (Malaysia) SDN. BHD Aventis Pharma Limited. UK
sanofi-aventis Pakistan limited Francopia S.A.R.L.
Sanofi-Aventis Groupe S.A. Sanofi-Aventis Deutschland GmbH
Sanofi Lanka Limited sanofi-aventis U.S.Inc.
Sanofi Chimie S.A Sanofi Pasteur India Pvt. Limited
Sanofi-Synthelabo (India) Limited Sanofi Winthrop Industrie S.A.
Sanofi-Aventis Recherche et Developpement S.A. Sanofi-Aventis Spa
sanofi-aventis Singapore Pte. Limited Sanofi-Aventis Spolska Z.o.o
Shantha Biotechnics Limited Zentiva S.A.
Zentiva K.S.

b) Key management personnel of the Company for the year

Name Category of Directorship
Dr. Shailesh Ayyangar Managing Director
Mr. Madhusudan Garimela Rao Executive Director upto 5th September 2014
Ms. Joanna Potts Executive Director from 1st May, 2013 to 10th September 2013 and 9th October 2013 to 9th February, 2014
Ms. Virginie Boucinha Executive Director
Mr. Susheel Umesh Executive director till 31st January 2013

c) Transactions during the year:

(Rupees Lacs)

Particulars Dec 14 Dec 13
Holding Company
Dividend
Sanofi S.A. 2 2
Hoechst GmbH 6,257 5,423
Recovery of Expenses
Sanofi S.A. 47
Fellow subsidiaries
Sale of Raw Material and Finished Goods
sanofi-aventis Singapore Pte. Limited 45,577 39,351
Others 3,904 3,699
Total 49,481 43,050
Purchase of Raw Material and Finished Goods
sanofi-aventis Singapore Pte. Limited 56,735 38,478
Francopia S.A.R.L. 7,622 2,298
Others 1,866 7,682
Total 66,223 48,458
Recovery of expenses
sanofi-aventis Singapore Pte. Limited 6,685 6,580
Others 182 313
Total 6,867 6,893
Income from Service rendered
Sanofi-Synthelabo (India) Limited 7,299 7,553
Sanofi Pasteur India Private Limited 959 1,137
Others 286 300
Total 8,543 8,990
Rent Income
Sanofi-Synthelabo (India) Limited 8 8
Refund of Inter Corporate Loan given
Shantha Biotechnics Limited 16,000 11,000
Inter Corporate Loan given
Shantha Biotechnics Limited 13,000 30,500
Sanofi Pasteur India Private Limited 2,300
Interest income (others) on loan/inter Company deposits given
Shantha Biotechnics Limited 1,790 1,088
Sanofi Pasteur India Private Limited 218 177
Purchase of Fixed Assets
Sanofi Chimie S.A 111
Zentiva K.S. 12
Sanofi-Aventis Deutschland GmbH 80
Payment of Common shared expenses
Zentiva SA 459 238
Sanofi-Synthelabo (India) Limited 80 95
Others 275 122
Total 814 455
Payment towards Intangibles under development
Sanofi-Synthelabo (India) Limited 69 82
Key Management Personnel
Remuneration
Dr. Shailesh Ayyangar 111 115
Mr. Madhusudan Garimela Rao 76 110
Ms. Joanna Potts 14 43
Mr. Susheel Umesh 9
Ms. Virginie Boucinha 172 176
Total 373 453

d) Outstanding as at December 31, 2014

(Rupees Lacs)

Particulars Dec 14 Dec 13
Holding Company
Sanofi S.A. (Receivable) 47
Fellow Subsidiaries
Trade Receivables
sanofi-aventis Singapore Pte. Limited 7,004 5,575
Sanofi Lanka Limited 443 645
Others 103 671
Total 7,550 6,891
Other Receivables
Sanofi-Synthelabo (India) Limited 834 992
sanofi-aventis Singapore Pte. Limited 558 607
Others 626 218
Total 2,018 1,817
Trade Payables
Sanofi Winthrop Industrie S.A. 1,033
sanofi-aventis Singapore Pte. Limited 18,422 6,375
Sanofi-Aventis Spa 121 334
Others 2,659 965
Total 21,202 8,707
Inter Corporate Loan Balance
Shantha Biotechnics Limited 16,500 19,500
Sanofi Pasteur India Private Limited 2,300 2,300
Total 18,800 21,800

31. Employee Benefits

A) Defined Contribution Plans

The Company has recognised the following amounts in the statement of profit and loss for the year:

Particulars Dec 14 Dec 13
Rupees Lacs Rupees Lacs
i) Contribution to Employees' Provident Fund (Ankleshwar and Nepal) 27 28
ii) Contribution to Employees' Superannuation Fund 100 98
iii) Contribution to Employee's Pension Scheme, 1995 275 203

B) Post Employment Defined Benefit Plans

Valuations in respect of Gratuity, Pension Plan and Interest shortfall on Provident Fund have been carried out by an independent actuary, as at the Balance Sheet date, based on the following assumptions:

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13 Dec 14 Dec 13
(a) Discount Rate (per annum) 8.10% 9.00% 8.10% 9.00% 8.10% 9.00%
(b) Expected Rate of Return on Plan Assets 8.10% 9.00% 8.10% 9.00% 8.10% 9.00%
(c )Salary Escalation rate# 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
(d) Mortality Indian LIC- Indian LIC- Indian LIC-
Assured Lives Ultimate Assured Lives Ultimate Assured Lives Ultimate
Mortality 94-96 Mortality 94-96 Mortality 94-96
(2006-08) (2006-08) (2006-08)
Ultimate Ultimate Ultimate
(e) Employees' turnover Age related Age related Age related Age related Age related Age related

#The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion, and other relevant factors, such as supply and demand in the employment market.

i) Change in Benefit Obligation

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13 Dec 14 Dec 13
Liability at the beginning of the period 3,749 3,233 90 145 14,762 12,768
Interest Cost 337 274 8 12 1,118 1,134
Current Service Cost 236 230 1 2 701 652
Employees Contribution 1,237 1,109
Interest Gurantee
Benefits Paid (606) (219) (26) (26) (1,598) (930)
Transfer from previous employer's
Liability Transfer In 128 222
Liability Transfer Out
Provision for diminution in fair value of Plan assets
Actuarial (gain)/loss on Obligations 708 231 (10) (43) (193)
Liability at the end of the year 4,424 3,749 63 90 16,347 14,762
Funded benefit obligation 3,647 3,660 16,347 14,762
Non Funded Benefit Obligation 777 89 63 90

ii) Fair value of Plan Assets

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13 Dec 14 Dec 13
Fair Value of Plan Assets at the beginning of the year 3,660 2,937 14,762 12,574
Expected Return on Plan Assets 331 250 1,118 1,134
Interest Shortfall paid by the Company
Employer's Contributions 279 651 26 26 701 652
Employees Contribution 1,237 1,109
Benefits Paid (606) (219) (26) (26) (1,598) (930)
Transfer from Other Approved Funds 128 223
Provision for diminution in fair value of Plan assets
Actuarial gain/(loss) on Plan Assets (17) 41
Fair Value of Plan Assets at the end of the year 3,647 3,660 16,347 14,762
Contributions expected to be paid to the Plan in 2015 707 308

iii) Actual Return on Plan Assets

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13 Dec 14 Dec 13
Expected Return on Plan Assets 331 250 1,118 1,134
Actuarial gain/(loss) on Plan Assets (17) 41
Actual Return on Plan Assets 314 291 1,118 1,134

iv) Amount Recognised in the Balance Sheet

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13 Dec 14 Dec 13
Liability at the end of the year 4,424 3,749 63 90 16,347 14,762
Fair Value of Plan Assets at the end of the year 3,647 3,660 16,347 14,762
Difference 777 89 63 90
Amount Recognised in the Balance Sheet 777 89 63 90

v) Expenses Recognised in the Income Statement

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13 Dec 14 Dec 13
Current Service Cost 236 230 1 2 701 652
Interest Cost 337 274 8 12 1,118 1,134
Expected Return on Plan Assets (331) (250) (1,118) (1,134)
Interest Guarantee
Net Actuarial (Gain)/Loss to be Recognised 726 190 (10) (43) (193)
Expense Recognised in Profit and Loss under personnel expenses 968 444 (1) (29) 701 459

vi) Amount for the current period and previous periods are as follows:

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 14 Dec 13 Dec 12 Dec 11 Dec 10 Dec 14 Dec 13 Dec 12 Dec 11 Dec 10 Dec 14 Dec 13 Dec 12 Dec 11 Dec 10
Defined Benefit Obligation 4,424 3,749 3,233 2,818 2,744 63 90 145 168 163 16,347 14,762 12,768 11,983 10,381
Plan assets 3,647 3,660 2,937 2,773 2,033 16,347 14,762 12,574 11,484 10,006
Surplus/ (deficit) 777 89 296 45 711 63 90 145 168 163 194 499 375
Experience adjustment on benefit obligation
Net Actuarial (Gain)/Loss due to Experience 295 231 133 (77) 116 (11) (7) 18 (9) (193) (467) 125 66
Net Actuarial (Gain)/Loss due to Change in Assumption
Experience adjustment on Plan Assets
Net Actuarial Gain/(Loss) due to Experience (17) 41 6 56 37
Net Actuarial (Gain)/Loss due to Change in Assumption (2)

vii) Basis used to determine expected rate of return on assets

Expected rate of return on investments is determined based on the assessment made by the Company at the beginning of the year on the return expected on its existing portfolio since these are generally held to maturity, along with the estimated incremental investments to be made during the year.

viii) General descriptions of significant defined Plans Gratuity Plan

Gratuity is payable to all eligible employees of the Company on superannuation, death and permanent disablement in terms of provisions of the Payment of Gratuity Act or as per the Company's Scheme whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn base salary

Pension Plan

Under the Company's Pension scheme, certain executives are eligible for fixed pension for five years, depending on their level at the time of retirement on superannuation, death or early retirement with the consent of the Company.

Provident Fund

The Company manages the provident fund through a Provident Fund Trust for its employees (except Staff and Workmen at Ankleshwar, Nepal unit) which are permitted under The Employees' Provident Fund and Miscellaneous Provisions Act, 1952. The Plan envisages contribution by employer and employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement.

(ix) Broad category of Plan assets relating Gratuity and Provident Fund as a percentage of total Plan assets

Particulars Gratuity Provident Fund
Dec 14 Dec 13 Dec 14 Dec 13
Government of India securities 23% 22%
Bonds 37% 38%
Special Deposit Scheme, 1975 34% 34%
Other assets 6% 6%
Administered by Life Insurance Corporation of India 100% 100%
100% 100% 100% 100%

32. Earnings per share:

Particulars Dec 14 Dec 13
Numerator used for calculating basic and diluted earnings per share - profit after tax and before exceptional item (Rs. in Lacs) 19,706 23,980
Numerator used for calculating basic and diluted earnings per share - profit after tax after exceptional item (Rs. in Lacs) 26,362 26,518
Weighted average number of shares used as denominator for calculating basic and diluted earnings per share. 23,030,622 23,030,622
Nominal value per share (Rupees) 10 10
Basic and diluted earnings per share
Computed on the basis of earnings before exceptional items divided by weighted average number of shares (Rupees) 85.56 104.12
Computed on the basis of earnings after exceptional items divided by weighted average number of shares (Rupees) 114.46 115.14

33. Operating leases:

Future lease commitments in respect of non-cancellable operating leases:

Where Company is the lessee:

(Rupees Lacs)

Particulars Dec 14 Dec 13
Charged to Statement of profit and loss * 50 49
Not later than one year 15 36
Later than one year but not later than five years 6 40

*Cars are obtained on operating lease. The lease is for a period of five years for cars and one to three years for premises and there is no provision for renewal. There is no escalation clause in the lease agreement. There are no restrictions imposed by lease arrangements. There are no subleases.

In respect of cancellable operating leases, lease charges charged to Statement of profit and loss

(Rupees lacs)

Particulars Dec 14 Dec 13
Car Lease Charges** 224 210
Premises Lease Charges** 1,496 1,450
Total 1,720 1,660

** Premises and Cars are obtained on operating lease. There is no provision for renewal. There is no escalation clause in the lease agreement. There are no restrictions imposed by leased arrangements. There are no subleases.

Where Company is the lessor:

In respect of non-cancellable operating leases

(Rupees lacs)

Particulars Dec 14 Dec 13
Credited to Statement of profit and loss # 1,064 1,092
Not later than one year 1,003
Later than one year but not later than five years 422

Uncollectible minimum lease payments receivable at the balance sheet date Rs. Nil (2013 : Rs. Nil)

#The Company has leased out building on operating lease. The lease term is for a period ranging from 12-60 months.

Details in respect of assets given on operating lease: (Refer Note 43)

(Rupees lacs)
Particulars Dec 14 Dec 13
Gross carrying amount of buildings 379 1,963
Accumulated depreciation on cost and re-valued amount 237 1,143
Depreciation recognised in statement of profit and loss 61 66
Less: Transferred from revaluation reserve 59 63
Net depreciation as per Statement of profit and loss 2 3

In respect of cancellable operating leases, lease income is credited to Statement of profit and loss.

34. Other provisions:

Movements in provisions:

(Rupees Lacs)

Class of provisions
Indirect tax Provision for Sales Returns Others Total
Balance as at January 1, 2014 856 4,140 2,056 7,052
(856) (2,707) (3,296) (6,859)
Amount provided during the year 4,406 4,406
( ) (4,118) (41) (4,159)
Amount written back/paid during the year 3,175 3,175
( ) (2,685) (1,281) (3,966)
Balance as at December 31, 2014 856 5,371 2,056 8,283
(856) (4,140) (2,056) (7,052)

Note: Figures in brackets are for the previous year.

i) Provision for indirect taxes represents differential excise duty, sales tax, custom duty and service tax in respect of which the claims are pending before various authorities for a considerable period of time and based on management's estimate of claims provision is made on prudent basis that possible outflow of resources may arise in future.

ii) Provision for sales returns are on account of expected date expiry and breakages returns based on historical trends.

iii) Other provisions on prudent basis are towards possible outflow of resources in respect of legal cases pending against the Company or in respect of contractual obligations of the Company.

35. Derivative Instruments and Un-hedged Foreign Currency Exposure:

Particulars of un-hedged Foreign Currency exposure as at Balance sheet date

Dec 14 Dec 13
Particulars Foreign currency Foreign currency Value (Rupees in Lacs) Foreign currency Value (Rupees in Lacs)
Trade Payables EUR 9,317,258 7,148 5,980,872 5,106
JPY 4,410,000 23
USD 733,403 463 580,624 359
GBP 6,000 6 2,588 3
NPR 139,215 1 57,578 *
AED 384 *
SGD 97 *
CHF 4,560 3
Trade Receivables EUR 10,650,711 8,171 8,225,194 7,022
USD 824,728 521 1,380,790 855
Cash and Bank Balances EUR 23,837 18 250,550 214

* denotes less than a lac

36. Micro and Small Enterprises

Details of dues to Micro and Small Enterprises as per Micro, Small and

(Rupees Lacs)

Medium Enterprise Development Act,2006 Dec 14 Dec 13
The principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year:
Principal Amount 12 44
Interest thereon remaining unpaid
Amount of interest paid in terms of section 16, of the Micro, Small and Medium Enterprise Development Act, 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year
Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under Micro, Small and Medium Enterprise Development Act, 2006. 10
Amount of interest accrued and remaining unpaid at the end of each accounting year; and Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under section 23 of the Micro, Small and Medium Enterprise Development Act, 2006 10

37. Value of imports on CIF basis:

(Rupees Lacs)

Particulars Dec 14 Dec 13
Raw and packing materials 28,514 21,559
Components, spares and auxiliary 49 58
Capital goods 849 1,314
Finished goods 43,569 31,620

38. Expenditure in foreign currency (on accrual basis)

(Rupees Lacs)

Particulars Dec 14 Dec 13
Commission 49 85
Traveling and conveyance 222 217
Salary and Wages 14 94
Legal and professional fees 25 57
Others 898 507

39. Earnings in foreign exchange (on accrual basis):

(Rupees Lacs)

Particulars Dec 14 Dec 13
FOB value of exports 47,879 41,517
Income from services rendered 286 300
Reimbursement of expenses & Market Support 6,787 6,831
54,952 48,648

40. Consumption of raw materials, packing materials spare parts and components

(Rupees Lacs)

Dec 14 % Dec 13 %
Raw Materials and packing materials:
Indigenous 27,163 43 24,256 38
Imported 36,554 57 39,575 62
Sub Total 63,717 100 63,831 100
Spare parts and components:
Indigenous 393 86 265 95
Imported 62 14 13 5
Sub Total 455 100 278 100
Total 64,172 64,109

41. Consequent upon the decision of the Supreme Court in the matter of prices of certain bulk drugs fixed by the Government of India under the Drug (Prices Control) Order, 1979, the Company paid an amount of Rs. 312 lacs in 1988 being the liability determined by the Special Team appointed by the Government. However, during 1990, fresh demands aggregating to Rs. 7,810 lacs alleged to be payable into the Drug Prices Equalisation Account (DPEA) were made by the Government on account of alleged unintended benefit enjoyed by the Company. The Government has also made certain claims for applicable interest. On a Writ Petition filed by the Company in 1991, the Bombay High Court passed an order whereby the demands were to be treated as show cause notices. The High Court directed the Company and the Government to furnish relevant data to each other based on which the Government was to rework the figures. The Government did not furnish the requisite data to the Company. In 1995, a further demand of Rs. 795 lacs was made by the Government.

In the meantime, a Committee was constituted by the Government to determine the liabilities of the Drug Companies. The Company filed written submissions with the Committee and contended during the personal hearing that in the absence of the Government furnishing the requisite data as directed by the Bombay High Court, the Company was not in a position to make an effectual presentation before the Committee.

In January 1999, the Company filed an Application before the Bombay High Court seeking directions to the Government to furnish the requisite data. The Application is pending. In the meantime, the Committee has deferred further hearing of the Company's case, until the Application is heard and decided by the Bombay High Court. In any event, the Company is contesting the above demand.

42. Dividend remittances in foreign currency:

(Rupees Lacs)
Particulars Dec 14 Dec 13
Dividend remitted in foreign currency
Final for year 2012 4,034
Interim for the year 2013 1,391
Final for year 2013 4,868
Interim for the year 2014 1,391
Number of non-resident shareholders 2 2
Number of shares held 13,909,587 13,909,587

All remittances are made in EURO.

43. The Board of Directors of the Company had approved, in November 2014, sale of the commercial premises comprising five floors owned by the Company in a building called Hoechst House in Nariman Point, Mumbai for a total consideration of Rs. 13,426 lacs. The transaction for sale of four floors was completed during the quarter ended December 31, 2014 and the transaction for the remaining one floor was completed in January 2015. The net profit of Rs. 6,656 lacs (net of tax Rs. 3,427 lacs) arising from the sale of four floors has been indicated in Exceptional item in statement of profit and loss for the year.

44. Previous year's figures have been regrouped wherever necessary to conform to this year's classification.

Signatures to Notes 1 to 44
As per our report of even date For and on behalf of the Board of Directors of
Sanofi India Limited
For S R B C & CO LLP Dr. Vijay Mallya Chairman
ICAI Firm Registration No : 324982E S. Ayyangar Managing Director
Chartered Accountants Virginie Boucinha Director &
Chief Financial officer
S. R. Gupte Director
per Vijay Maniar Rangaswamy R. Iyer Director
Partner A. K. R. Nedungadi Director
Membership No. 36738 K. Subramani Company Secretary
Mumbai : February 20, 2015 Mumbai : February 20, 2015
   
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